No means of new agreement signing with Russian firms, re-examining existing contracts: Norsk Hydro

The Norwegian aluminium and renewable energy giant, Norsk Hydro has declared that it will not sign any fresh agreements with the Russian organisations.

Hydro said, “The decision has been taken due to the Russian invasion of Ukraine, and sanctions imposed on Russia by the EU and the international community.”

The Oslo headquartered multination aluminium company by all accounts is re-examining options for existing commitments and is assessing an inherent confine of commercial alliance with Russian businesses.

Hilde Merete Aasheim, The CEO and President of Hydro said, “We are deeply shocked and saddened by the devastating situation playing out in Ukraine.”

The Norwegian Confederation of Trade Unions (LO) in Hydro and Hydro’s European Works Council (EWC) has initiated a fundraising campaign for UNICEF. The company staffs are encouraged to donate the equivalent of 1 hour of their work to support the humanitarian response for people suffering from the conflict in Ukraine.

Hydro further added, “Hydro has commercial relationships with trading companies and Russian aluminium producers, buying and selling raw material like bauxite and alumina, aluminium metal for remelting, and aluminium extrusion billets. Hydro’s counterparts are currently not subject to international sanctions.”